Nursultan Nazarbayev warned of new strong wave of crisis

Kazakhstan President Nursultan Nazarbayev warned of a possibility of a new strong crisis wave should the defects of the world financial system be not eliminated, Tengrinews.kz reports from the 66th session of the UN General Assembly.

“The main point of the world structures in the area of currency and trade-economic regulation should become capable of forecasting and eliminating the reasons behind the global crisis. Everyone agrees that the current global crisis was caused by defects in the world financial system, but no significant measures have been taken so far to eliminate the defects. The delays might cause new strong waves of crisis and provoke a surge of regional and global instability. It is important to create an effective mechanism for global economic management with clear rights and responsibilities of all the structures and participants of effective global reserve currency, and introduce strict control over speculative capital. The idea of developing a global regulation pact fits well into this context ,” Nursultan Nazarbayev told the world leaders on September 21.